Aster DM Healthcare Limited CIN- L85110KL2008PLC021703

IX/475L, Aster Medcity,Kuttisahib Road

Near Kothad Bridge, South Chittoor PO

Cheranalloor, Kochi- 682027, Kerala, India

Tel: +91 484 6699999, Fax: +91 484 6699862

Email:cs@asterdmhealthcare.com

June 23, 2020

The Secretary

Listing Department,

BSE Limited,

1st Floor, Phiroze Jeejeebhoy Towers

Dalal Street, Mumbai 400001

Scrip Code: 540975

The Manager,

Listing Department,

The National Stock Exchange of India Ltd

Exchange Plaza, C-1, Block G

Bandra Kurla Complex

Bandra (East), Mumbai 400051

Scrip Symbol: ASTERDM

Dear Sir/Madam,

Sub: Report of Monitoring Agency pursuant to Regulation 32 (6) of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

With reference to the captioned subject, please find enclosed the report issued by Axis Bank Limited, Monitoring Agency appointed to monitor the utilization of proceeds of the Initial Public Offer, for the quarter ended March 31, 2020.

The statement of deviation report as per SEBI circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019 as placed before the Audit Committee has also been enclosed.

Kindly take the above said information on record.

Thanking You,

For Aster DM Healthcare Limited

Puja Aggarwal Company Secretary and Compliance Officer

AXB/IFB-TS/20-21/5 April 20, 2020

Aster DM Healthcare Limited IX/ 475L, Aster Medcity, Kuttisahib Road, Near Kothad Bridge, South Chittoor P.O, Cheranalloor Kochi - 682027

Dear Sir / Ma' am,

Re.: Monitoring Agent for the IPO issue of Rs. 725 crores by Aster DM Healthcare Limited ("Company") - Monitoring Agency Report - March 31, 2020

We write in our capacity of Monitoring Agent for the captioned issue of the Company and refer to our duties cast under Regulation 16(2) of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009.

In terms of above, please find attached the Monitoring Report for the quarter ended on March 31, 2020, as per Schedule IX of the aforesaid SEBI Regulations.

Request you to kindly take the same on records.

Yours faithfully, For and on behalf of

Authorised Signatory

Encl.: As Above

Corporate Office : Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, Pandurang Budhkar ma1-g, Worli, Mumbai - 400 025. www.axisbank.com "AXIS BANK

Report of the Monitoring Agency

Name of the Issuer: Aster DM Healthcare Limited

For quarter ended: March 31, 2020

Name of the Monitoring Agency: Axis Bani Limited

(a) Deviation from the objects: No deviation is observed in the utilisation of issue proceeds except to the allocation/ pavments made In relation to General Corporate Purposes has exceeded bv Rs. 4.69 crures owing tu r·etludiun in l sue Related Expenses by Rs. 4.69 crorcs adju. tetl under General Corporate Purpose head.

- Utilization different from Objects stated in OD but in line with change of objects approved by shareholders' resolution; or - Utilization neither in line with Objects stated in OD nor approved by shareholders' resolution - In case ofno deviation, the }act would be stated.

(b) Range ofDeviation*: Not applicable

Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, JO - 25%, 25-50%, 50-75%, 75-100%, not ascertainable etc.

* Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes.

Declaration:

I/We hereby declare that this report is based on the format as prescribed by SEBI (ICDR) Regulations, 2009, as amended. I/We further declare that this report provides true and fair view of the utilization of issue proceeds.

I/We declare that we do not have any direct I indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship I interest while monit · . reporting the utilization of issue pro ?fl4~ rn~e ssuer.

Signature: ~ 1

Name of the Authorized Perso11/Si1,rni11g Authority: Mr. Jaydeep Bhattacharya Designation of Authorized person/Signing Authority: Asst. General Manager Seal of the Monitoring Agency: Date: A ril 20, 2020

Subsc uenl Pa >es:

1) Issuer D ' tail s:

Name of the issuer: Aster DM Healthcare Limited The names of the promoters of the issuer: Dr. Azad Moopen & Union Investments Pvt. Ltd. Industry/sector to which it belongs: Healthcare

2) Issue Details:

Issue Period: February 12, 2018 to February 15, 2018 Type of issue (public/rights): Public Issue Type of specified securities: Equity Shares Grading: Not Applicable: Not Applicable Issue size (Rs. in crores): Rs.725 Crore (Total issue size- 980Crs including offer for sale ofRs.255 Crs)

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

(Give item by item description for all the objects stated in offer document separately in following format)

Particulars Reply Comments of Comments of

Monitoring Agency Board of Directors

Whether all the utilzation is as per Yes/ Yes disclosure in Offer Document? No

Whether Shareholder approval is o~tained in Yes/ case of material. deviations from No rNo deviations

expenditures disclosed in Offer Document?

Whether means of finance for disclosed Yes/

objects of the Issue has changed? No No

Any major deviation observed over the Yes/ No No

earlier monitoring agency reports?

Whether all Government / Statutory Yes/ approvals related to the object(s) obtained? No

Not Applicable

Whether all pertaining Yes/

arrangements No to technical assistance/collaboration in

Not Applicable operation?

Yes/ Any favorable events improving object(s) No Not Applicable viability

Yes/ Any unfavorable events affecting object(s) No Not Applicable viability

Any other relevant information that Yes/

may materially affect the decision making No Not Applicable

of the investors

# Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised

b) Deviation in the amount of fimd actually utilized by more than 10% of the amount projected in the offer documents.

4) Details of object(s)s to be monitored:

(i) Cost of object(s)/deviation and variation in utilisation of funds, if any-

(Give Item by Item Description for all the Objects Stated in Offer Document separately in following format) (Rs. in crores)

SI.No Original Modified Original Modified Funds Amount of Remarks Object Object if Allocation allocation, Utilized Deviation/Variatio if any

any if any n for the quarter according to

applicable object 1 Repayment Nil 564.16 Nil 564.16 Nil Nil

+ pre-payment of

debt

2 Purchase Nil 110.31 Nil 108.80 Nil Nil of Medical equipment

3 Issue Nil 49.01 44.32 44.32 Nil Cost less related than expenses estimated

4 General Nil 1.52 6.21 6.21 Nil Excess Corporate Provision Purpose under

Issue related expenses adjusted against this head

Progress in the object(s)-

(Give Item by Item Description for all the Objects Stated in Offer Document separately in the following format)

(Rs. in crores)

SL No

1.

2.

Amount as

propose Item din As at

Head Offer beginning

Docume of the

nt quarter

Repayment 564.16 564.16 and/or pre-payment of debt

Purchase of 110.31 107.35 medical equipment

Amount utilized

AL Lhe During end of

the the quarter quarter

0.00 564.16

1.45 108.80

Total unutilized Amount

Comments of Monitoring Agency

0.00 Fully utilized

1.51 Partially utilised. As informed to us, the total amount to be spent for purchase of medical equipment as per offer

Comments of Board of Directors

Reaso Propos n of ed idle Course funds of

Action

-

document during the fiscal 2018 was Rs.30 crores and remaining fund was to be utilized during fiscal 2019. Rs. I .45 crores was utilised during this quarter for Aster Medcity Kochi, Aster RV Hospital Bengaluru

3. Issue 49.01 44.32 0.00 44.32 0.00 Fully utilised. The change related (Revised in the amount under the expenses to 44.12) head, "Issue related

expenses" is due to the IPO issue expenses of Rs. 4.69 crores being lower than the estimated amount.

4. General 1.52 6.21 0.00 6.21 0.00 Fully utilised. The change corporate (Revised in the amount under the purposes to6.21) head, "General Corporate

Purposes" is due to the IPO issue expenses of Rs. 4.69 crores being lower than the estimated amount.

!Total 725.00 722.04 1.45 723.49 1.51

Note: Further, the company has obtained non-fund based credit facility of Rs.7.79 Crores outstanding as at 31/03/2020 in the form of Letter of Credit from Axis Bank Ltd for the import of medical equipment.

"' Provide ju/lavving details under Item Head: (a)Name ofthe object(~).· (b)Brief description of the object(s): (c)Location of the object(s) (if applicable) :

(iii) Deployment ofunutilized IPO proceeds-

s. Type of instrument Amount Maturity Earnings Investment Market Value No where amount invested Date (Rs. in (ROI%) as at the end

invested* (Rs. in crores) of quarter** crores) (Rs. in c.ron~s)

I. Fixed Deposit with 1.51 30 days to 180 Interest Interest rate Bo k Value -Axis Bank- nm1reci-(for-- · days earned onPD -- -rmgingfrmn·----- Rs. J .5 J crnr ·s 1

Purchase of Medical as on 5.75% p.a. to In terest earn d Equipment) 31.03.2020 is 7.00% p.a. ~11d accru '

Rs.7.84 crores Rs.7.84 crnrcs 2. In Axis Bank Limited - 0.002 Not applicable Not Not applicable Not applicable

IPO Monitoring Agency applicable Ne (for Medical equipment purchase)

* Also indicate name of the party/company in which amounts have been invested ** Where market value is not practical to find, provide NAVINRV/Book Value of the same

(iv) Delay in implementation of the object(s)-

Object(s) Completion Date Delay (No. of days/months) Name

As per Offer Actual Document

Fiscal Fiscal Fiscal Fiscal Fiscal 2018 2019 2018 2019 2020

Repayment 564.16 0.00 564.16 0.00 0.00 No delay and/or pre-payment of debt Purchase of 30.00 80.31 0.00 38.44 70.36 365 days as on 31 st March 2020 for Rs.1.5 l Cr. medical equipment Issue related 32.81 11.51 32.81 11.51 0.00 No delay expenses (Revised Cost) General 2.13 4.08 2.13 4.08 0.00 No delay corporate purposes (Revised Cost) Total 629.10 95.90 599.10 54.03 70.36

*In case of continuing object(s) please specify latest/revised estimate of completion date.

Note: Further, the company has obtained non-fund based credit facility of Rs. 7.79 Crores outstanding as at 31/03/2020 in the form of Letter of Credit from Axis Bank Ltd for the import of medical equipment.

Statement of Deviation / Variation in utilisation of funds raised

Name of listed entity Aster DM Healthcare Limited

Mode of Fund Raising Public Issue

Date of Raising Funds February 26, 2018

Amount Raised Rs. 725 crore (Total issue Size-980 crore including offer for sale of Rs.255 crore)

Report filed for Quarter ended March 31, 2020

Monitoring Agency Applicable

Monitoring Agency Name, if applicable Axis Bank Limited

Is there a Deviation / Variation in use of funds raised No

If yes, whether the same is pursuant to change in terms

of a contract or objects, which was approved

by the shareholders

NA

If Yes, Date of shareholder Approval NA

Explanation for the Deviation / Variation NA

Comments of the Audit Committee after review Nil

Comments of the auditors, if any Nil

Objects for which funds have been raised and where

there has been a deviation, in the following table

Original Object Modified Object, if any Original

Allocation

Modified

allocation,

if any

Funds

Utilised

Amount of

Deviation/Vari

ation for the

quarter

according to applicable

object

Remarks if any

Repayment +Prepayment of debt Nil 564.16 Nil 564.16 Nil Fully utilized

Purchase of Medical equipment Nil 110.31 Nil 108.80 Nil Partially utilized. The total amount to be spent for purchase of medical equipment as per offer document during the fiscal 2018 was Rs. 30 crores and remaining fund was to be utilized during fiscal 2019. Rs. 1.45 crores

was utilized during this quarter for Aster Medcity Kochi, Aster RV Hospital, Bengaluru

Issue related expenses Nil 49.01 (Revised to

44.32)

44.32 44.32 Nil Fully utilized. The change in the amount under the head, “Issue related expenses” is due to the IPO issue expenses of Rs.4.69 crores being lower than the estimated amount.

General Corporate Purpose Nil 1.52 (Revised to

6.21)

6.21 6.21 Nil Fully utilized. The Change in the amount under the head, “General Corporate purposes” is due to the IPO issue expenses of Rs.4.69 crores being lower than the estimated amount.

Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc

For Aster DM Healthcare Limited

Puja Aggarwal Company Secretary and Compliance Officer June 22, 2020

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